53.7% of investors favor memecoins over Bitcoin, AMBCrypto's exclusive report finds

53.7% of investors favor memecoins over Bitcoin, AMBCrypto’s exclusive report finds

31 May 2024

in Meta News

Reading Time: 4 mins read

A majority of investors want to invest in Bitcoin NFTs over their Ethereum counterparts.
Ethereum is expected to hike in the next few weeks, thanks to exchange outflows.

The crypto market saw Spot Ether ETFs approval on 23 May. Investors, at large, were expecting a short rally after this much-awaited event. However, ETH instead declined by as much as 4% in just 24 hours and Bitcoin mirrored its move.

Now, analysts are divided on predicting Bitcoin’s next level, with some anticipating a major correction while others are forecasting an arrival of a bull rally.

In fact, an exclusive survey conducted by AMBCrypto found that 67.3% of investors are expecting the king coin to rise by 80% by the end of this year.

As per our analysis, Bitcoin is preparing for a major bull run ahead. AMBCrypto’s report – May 2024 discusses the top four reasons why the market should expect a bullish move soon.

Surprising findings from AMBCrypto’s survey

To gauge market sentiment closely, we reached out to more than 550 crypto users from across the globe. Our analysis found that investors are getting more interested in acquiring memecoins, when compared to Bitcoin.

For instance, 53.7% of respondents said they would choose memecoins over Bitcoin in their portfolios.

Much to our surprise, close to 60% of market participants also revealed that they want to invest in Bitcoin NFTs over Ethereum NFTs. This goes on to highlight the growing demand for Bitcoin’s layer 2 solutions.

AMBCrypto’s Crypto Market Report – May 2024 edition dives deep into the findings of the survey with many exclusive insights for traders and investors.

Layer 3 dominates conversations in May

According to AMBCrypto’s analysis, Layer 3 has been the fastest-moving narrative over the last month. It has the potential to occupy a larger market share in the coming months.

The report found that its adoption in the East has been high, when compared to the West. Primarily because countries like the U.S. and the UK are majorly focused on the use cases of Layer 2 solutions currently. So, a major growth opportunity is awaiting Layer 3 projects.

Now, if Layer 3 adoption accelerates, the Ethereum blockchain is likely to benefit the most from it. AMBCrypto’s May report explains the reasons in detail.

As far as Ethereum is concerned, its exchange inflows have fallen significantly after 21 May. A price hike, hence, can surely be expected.